IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>ECM - <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> is set to launch a US$1bn IPO; BeerCo and <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Sichuan Tianqi Lithium Industries, Inc (002466 CH)</a> are premarketing US$0.8-1.0bn and US$1.0-1.5bn IPOs, respectively.</li>
<li>Event-Driven developments at <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
ECM - Thai Life Insurance (TLI TB) is set to launch a US$1bn IPO; BeerCo and Sichuan Tianqi Lithium Industries, Inc (002466 CH) are premarketing US$0.8-1.0bn and US$1.0-1.5bn IPOs, respectively.
Event-Driven developments at Giordano International (709 HK), Link Net (LINK IJ), Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger, Infomedia Ltd (IFM AU), Resapp Health (RAP AU).


Weekly Deals Digest (26 Jun) - ThaiBev's BeerCo, Thai Life, Tianqi Lithium, Giordano, DTAC/True

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is a risk that the ¥7,000/share bid for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> gets pulled/lowered in Round 2 because of due diligence, conditionality, market environment, etc.</li>
<li>
<a href="https://www.smartkarma.com/entities/hutchison-telecommunications-hong-kong-holdings-limited" target="_blank" data-smartkarma-citation="entities:141:1" rel="noopener">Hutchison Telecommunications Hong Kong Holdings (215 HK)</a>'s share price was up 33% month to date, on triple the average daily volume. Then promptly sheds 23% on an even larger volume. </li>
<li>Even if one assumes that Softbank, Baba, and Cornerstones won’t sell, there is still 45% of <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> of shares out, worth US$11bn, unlocking next week.</li>
</ul>


There is a risk that the ¥7,000/share bid for Toshiba Corp (6502 JP) gets pulled/lowered in Round 2 because of due diligence, conditionality, market environment, etc.

Hutchison Telecommunications Hong Kong Holdings (215 HK)'s share price was up 33% month to date, on triple the average daily volume. Then promptly sheds 23% on an even larger volume. 
Even if one assumes that Softbank, Baba, and Cornerstones won’t sell, there is still 45% of SenseTime Group (20 HK) of shares out, worth US$11bn, unlocking next week.


Last Week in Event SPACE: Toshiba, Hutch Tel, SenseTime, Giordano, DTAC/True, Toyo Const., ResApp

<ul>
<li>Disappointingly, <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>'s confirmatory data readout condition was not satisfied, resulting in <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>’s lower unconfirmed data offer price of A$0.146 per share.</li>
<li>The revised SID provides no obvious way for Pfizer to pull its offer. The still material premium to undisturbed price and open shareholder register suggests that the scheme will pass. </li>
<li>The scheme meeting will be held in early to mid-August. At the last close of A$0.125, the gross spread to the unconfirmed data offer price of A$0.146 is 16.8%. </li>
</ul>


Disappointingly, Resapp Health (RAP AU)'s confirmatory data readout condition was not satisfied, resulting in Pfizer Inc (PFE US)’s lower unconfirmed data offer price of A$0.146 per share.
The revised SID provides no obvious way for Pfizer to pull its offer. The still material premium to undisturbed price and open shareholder register suggests that the scheme will pass. 
The scheme meeting will be held in early to mid-August. At the last close of A$0.125, the gross spread to the unconfirmed data offer price of A$0.146 is 16.8%. 


ResApp’s Confirmatory Study Fails, Resulting in Pfizer’s Lower A$0.146 Offer

<ul>
<li>Disappointingly, the sensitivity and specificity of <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">ResApp Health (RAP AU)</a>'s cough trial were significantly lower than its March pilot study.</li>
<li>As such, the Scheme Consideration from <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> will be A$0.146/share, which is still a 62.2% premium to the undisturbed price.</li>
<li>Trading super wide to terms after short-term punters kicked out. </li>
</ul>


Disappointingly, the sensitivity and specificity of ResApp Health (RAP AU)'s cough trial were significantly lower than its March pilot study.
As such, the Scheme Consideration from Pfizer Inc (PFE US) will be A$0.146/share, which is still a 62.2% premium to the undisturbed price.
Trading super wide to terms after short-term punters kicked out. 


ResApp (RAP AU): Low-End Pfizer Offer As Cough Trial Fails

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> and <a href="https://www.smartkarma.com/entities/acommerce-group" target="_blank" data-smartkarma-citation="entities:35789:1" rel="noopener">aCommerce Group (ACOM TB)</a> are premarketing US$1bn and US$200m IPOs. Tianqi Lithium has passed the HKEx listing hearing for US$1-1.5bn raise.</li>
<li>On the Event-Driven front, developments at <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Thai Life Insurance (124744Z TB) and aCommerce Group (ACOM TB) are premarketing US$1bn and US$200m IPOs. Tianqi Lithium has passed the HKEx listing hearing for US$1-1.5bn raise.
On the Event-Driven front, developments at Link Administration (LNK AU), Frasers Hospitality Trust (FHT SP), Link Net (LINK IJ), Resapp Health (RAP AU), Beijing Enterprises Urban Resources (3718 HK). 


Weekly Deals Digest (19 Jun): Frasers Hospitality, Link Admin, Link Net, Thai Life, GOGOX, ResApp

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Weekly Deals Digest (26 Jun) - ThaiBev's BeerCo, Thai Life, Tianqi Lithium, Giordano, DTAC/True

Last week, notable developments occurred in Event-Driven (DTAC/True merger, Giordano, Link Net, Infomedia, ResApp, AOF, Hwa Hong, AKM, Irongate)...

Arun George

Last Week in Event SPACE: Toshiba, Hutch Tel, SenseTime, Giordano, DTAC/True, Toyo Const., ResApp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ResApp’s Confirmatory Study Fails, Resulting in Pfizer’s Lower A$0.146 Offer

The revised SID provides no obvious way for Pfizer to pull its offer. At the last close of A$0.125, the gross spread to the unconfirmed data offer...

Arun George

ResApp (RAP AU): Low-End Pfizer Offer As Cough Trial Fails

At A$0.12/share as I type, ResApp is trading at a very wide 21.6% gross spread. I'd take that bet. However, this is not a super liquid arb situation.

David Blennerhassett

Weekly Deals Digest (19 Jun): Frasers Hospitality, Link Admin, Link Net, Thai Life, GOGOX, ResApp

Last week, notable developments occurred in Event-Driven (Frasers Hospitality, Link Admin, Link Net, ResApp, BEUR, Hwa Hong, Cocoaland, MyDeal.com)...

Arun George

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